Mercator Lines (Singapore) Ltd, a unit of Indian shipping company Mercator Lines Ltd, said it has secured a three-year charter contract worth about 42 million US dollars from Hong Kong-based Refined Success Ltd, a unit of shipping conglomerate COSCO (HK) Shipping Co Ltd.
The charter period for Mercator Lines' post-Panamax vessel, which has a capacity of 92,500 deadweight tons, is expected to start between May 1 and September 30 next year, Mercator said.
A fixed daily time charter equivalent rate of 39,500 US dollars will apply for a period of 35-37 months, it said.
"This charter contributes to our strategy of maintaining approximately 70 percent of our vessels in long-term fixed rate contracts. This strategy has worked very well for us, ensuring strong and visible cashflows over a few years," said Shalabh Mittal, managing director and chief executive officer of Mercator Lines.
The charter period for Mercator Lines' post-Panamax vessel, which has a capacity of 92,500 deadweight tons, is expected to start between May 1 and September 30 next year, Mercator said.
A fixed daily time charter equivalent rate of 39,500 US dollars will apply for a period of 35-37 months, it said.
"This charter contributes to our strategy of maintaining approximately 70 percent of our vessels in long-term fixed rate contracts. This strategy has worked very well for us, ensuring strong and visible cashflows over a few years," said Shalabh Mittal, managing director and chief executive officer of Mercator Lines.